Deputy Prime Minister Hoang Trung Hai has permitted the implementation of the US$27 billion oil refinery project in Nhon Hoi Economic Zone in the central province of Binh Dinh, said Ho Quoc Dung, deputy chairman of the provincial People’s Committee on May 12.
The Government tasked the provincial People’s Committee to guide the project investor--Petroleum Corporation of Thailand, to submit an environment feasibility report to submit to the Ministry of Industry and Trade and the Ministry of Natural Resources and Environment for approval.
The investor will spend the next two years to bid for and choose contractors. They will then continue to set up a viability report and other investment procedures.
According to Mr. Dung, the oil refinery project in Nhon Hoi Economic Zone will be the largest in Vietnam. Binh Dinh Province has worked with the Thai investor on the project for three years prior to submitting the first feasibility report to the Government.
The Nhon Hoi oil refinery is expected to be built over an area of 2,000 hectares at a total capital cost of $27 billion. The plant will have capacity to process 660,000 barrels of crude oil a day or 30 million tons a year.
Crude oil source for the plant will be imported from the Middle East, Africa, southern and central America.
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